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US Core CPI Eases to Four-Year Low in Shutdown-Hit Report
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.Underlying US inflation rose in November at the slowest annual pace since early 2021, an unexpected improvement in a report muddled by the government shutdown.The core consumer price index, which excludes the often-volatile food and energy categories, increased 2.6% in November from a year ago, according to Bureau of Labor Statistics data out Thursday. The overall CPI climbed 2.7% in November from a year ago.The longest-ever government shutdown prevented the BLS from collecting much of the October price data. That not only limited the agency’s ability to determine month-over-month changes for the broader measures of inflation, but some economists noted it likely impacted the annual November figures as well.Despite numerous caveats, the report offers some hope that inflationary pressures are easing after remaining stuck in a narrow range since early this year. The BLS said the core CPI rose just 0.2% over the two months ended in November, restrained by declines in costs of hotel stays, recreation and apparel. Prices of household furnishings and personal care products rose.However, several economists noted that the two-month change in key shelter categories, which are some of the biggest components of the CPI, was basically flat — calling the calculations into question.Today's show features: Jason Granet, Chief Investment Officer of BNY, on the market outlook and the Federal Reserve’s path forward Frank Sorrentino, Founder and CEO of ConnectOne Bank, on the economic outlook and the health of community banking sector Bloomberg News Energy Reporter Will Wade on a planned $6 billion merger between Trump Media & Technology nuclear fusion developer TAE Technologies Michelle Korsmo, CEO of the National Restaurant Association, on the struggles of restaurant workers and smaller eateries amid rising inflation See omnystudio.com/listener for privacy information.
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